<PAGE>
FILED PURSUANT TO RULE 424(B)(2)
FILE NUMBER 333-39275
PRICING SUPPLEMENT NO. 3
(To Prospectus Dated November 12, 1997, and
Prospectus Supplement dated April 28, 2000)
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$608,235
CYGNUS, INC.
Common Stock
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<TABLE>
<S> <C>
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DATE OF PURCHASE SEPTEMBER 8, 2000
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NUMBER OF SHARES 50,000
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PRICE PER SHARE $12.1647
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PROCEEDS TO CYGNUS $608,235
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</TABLE>
The date of this Pricing Supplement is September 11, 2000.
